How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Mo Tax Expert Your Own Question
Mo Tax Expert
Mo Tax Expert, Accountant
Category: Tax
Satisfied Customers: 550
Experience:  Accounting and Tax Expert
115058980
Type Your Tax Question Here...
Mo Tax Expert is online now

Accountant

Customer Question

accountant
Submitted: 19 days ago.
Category: Tax
Customer: replied 19 days ago.
Hi, I am tax resident in Dubai and I am not a UK resident, I have a UK LLP that will be selling outside the UK. Will I still have to bookkeep even though I won't have to pay any tax at all as UK doesn't tax foreign profit?
Expert:  Mo Tax Expert replied 19 days ago.

Hi and welcome to JustAnswer. I’m Mo Barrie, Qualified Accountant and Tax Expert. I’m currently reviewing your question and will respond to you shortly.

Thank you for your patience.

Expert:  Mo Tax Expert replied 19 days ago.

It is always preferable to make sure that your bookkeeping is updated to enable you to file accurate records as you would still be required to file the accounts accordingly.

Happy to chat about this if you could book a phone call as it's my aim to answer your question satisfactorily.

I am looking forward to your reply.

Customer: replied 19 days ago.
What does that mean? Is that required?
Customer: replied 19 days ago.
I know that tax return is mandatory in UK even for dormient companies but how about the bookkeeping?
Expert:  Mo Tax Expert replied 19 days ago.

Thank you for your reply.

Bookkeeping is not required as such. However, filing the accounts is an obligation for every LLP.

You cannot file the accounts without bookkeeping for an active company.

Expert:  Mo Tax Expert replied 19 days ago.

We can help with the filing if you need any help.

Customer: replied 19 days ago.
Since I don't have to pay any tax I could just put that the company made 0 profit, couldn't I?
Customer: replied 19 days ago.
Making 20 million actual profit or 0 actually profit would still be the same
Expert:  Mo Tax Expert replied 19 days ago.

no, it does not work like that.

It's not only about profits. It's the ability to have accurate records.

Customer: replied 19 days ago.
Okay so should I put that the company made X profit but since it's all foreign profit it won't be taxed?
Expert:  Mo Tax Expert replied 19 days ago.

An LLP as an entity isn't taxable.

Book a call and we can talk about it more.

Customer: replied 19 days ago.
How about the VAT? Will I have to pay it only after exceed £85k revenue?
Expert:  Mo Tax Expert replied 19 days ago.
You would register when you’ve reached the threshold of 85k.

Thanks.

Customer: replied 19 days ago.
Okay great, if I make for example €50k in Germany with the UK LLP I will still have to pay VAT in Germany, so would the 85k count only for the revenue made in the UK? Or would that 50k still count?
Customer: replied 19 days ago.
The microphone of my phone is broken and I can't take the call unfortunately.
Expert:  Mo Tax Expert replied 19 days ago.

It’s the turnover of your entire income (not only uk).

Thanks.

Customer: replied 19 days ago.
Okay I see
Customer: replied 19 days ago.
Do you also specialize in international taxation?
Expert:  Mo Tax Expert replied 19 days ago.

Happy to have completed this question.

Yes I am. But you would have to start a new conversation.

Thank.